Financials Hepsiburada

Equities

HEPS

US23292B1044

Department Stores

Market Closed - Nasdaq Other stock markets 04:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
1.45 ^USD	+3.57%		+8.21%	-19.44%

Mar. 25	Transcript : D-Market Elektronik Hizmetler ve Ticaret A.S., Q4 2023 Earnings Call, Mar 25, 2024
Mar. 25	D-Market Elektronik Hizmetler ve Ticaret A.S. Reports Earnings Results for the Fourth Quarter Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025
Capitalization ¹	8,291	4,019	15,315	15,315	-
Enterprise Value (EV) ¹	3,724	4,019	17,297	10,460	10,102
P/E ratio	-13.2 x	-3.3 x	-269 x	111 x	19.2 x
Yield	-	-	-	-	-
Capitalization / Revenue	1.1 x	0.29 x	0.59 x	0.39 x	0.3 x
EV / Revenue	0.49 x	0.29 x	0.59 x	0.26 x	0.2 x
EV / EBITDA	-2.29 x	-3.99 x	9.89 x	4.13 x	2.34 x
EV / FCF	-29.7 x	26.2 x	56.1 x	6.2 x	4.65 x
FCF Yield	-3.36%	3.82%	1.78%	16.1%	21.5%
Price to Book	3.1 x	-	122 x	32.5 x	5.73 x
Nbr of stocks (in thousands)	325,998	325,998	325,998	325,998	-
Reference price ²	25.43	12.33	46.98	46.98	46.98
Announcement Date	3/24/22	3/22/23	3/25/24	-	-

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Net sales ¹	-	7,558	14,042	29,293	39,652	51,178
EBITDA ¹	-	-1,628	-1,007	1,750	2,534	4,324
EBIT ¹	-	-1,769	-1,291	1,234	1,805	3,395
Operating Margin	-	-23.41%	-9.19%	4.21%	4.55%	6.63%
Earnings before Tax (EBT) ¹	-	-625.8	-	729.1	-555	-333
Net income ¹	-474.5	-625.8	-1,217	729.1	-555.3	-332.6
Net margin	-	-8.28%	-8.67%	2.49%	-1.4%	-0.65%
EPS ²	-8.340	-1.920	-3.735	-0.1744	0.4238	2.450
Free Cash Flow ¹	-	-125.3	153.6	187	1,687	2,171
FCF margin	-	-1.66%	1.09%	0.7%	4.25%	4.24%
FCF Conversion (EBITDA)	-	-	-	17.41%	66.57%	50.2%
FCF Conversion (Net income)	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-
Announcement Date	5/28/21	3/24/22	3/22/23	3/25/24	-	-

¹TRY in Million²TRY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3
Net sales ¹	1,755	1,658	2,759	2,528	2,862	3,206
EBITDA	-	-659.4	-676.7	-	-	-
EBIT ¹	-220.2	-696.7	-721.6	-365.2	-695.4	-537.2
Operating Margin	-12.55%	-42.01%	-26.15%	-14.45%	-24.3%	-16.76%
Earnings before Tax (EBT)	-	-	-	-	-	-
Net income	-	-778.4	714	-	-	-
Net margin	-	-46.94%	25.88%	-	-	-
EPS	-1.140	-2.740	2.190	-	-	-
Dividend per Share	-	-	-	-	-	-
Announcement Date	8/26/21	11/23/21	3/24/22	6/1/22	9/28/22	12/6/22

¹TRY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-
Net Cash position ¹	-	4,567	-	4,819	4,855	5,213
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow ¹	-	-125	154	187	1,687	2,171
ROE (net income / shareholders' equity)	-	-62.1%	-	6.79%	100%	-493%
ROA (Net income/ Total Assets)	-	-12.7%	-	-7.12%	-3.75%	-2.01%
Assets ¹	-	4,923	-	11,713	14,825	16,572
Book Value Per Share ²	-	8.210	-	0.3900	1.450	8.200
Cash Flow per Share ²	-	0.2700	2.730	1.780	7.420	12.50
Capex ¹	-	215	736	1,086	1,518	1,878
Capex / Sales	-	2.84%	5.24%	4.04%	3.83%	3.67%
Announcement Date	5/28/21	3/24/22	3/22/23	3/25/24	-	-

¹TRY in Million²TRY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Hepsiburada

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

46.98 TRY

Average target price

101.7 TRY

Spread / Average Target

+116.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Internet & Mail Order Department Stores

	1st Jan change	Capi.
HEPSIBURADA	-19.44%	456M
AMAZON.COM, INC.	+19.10%	1,869B
JD.COM, INC.	+3.46%	46.43B
COUPANG, INC.	+42.68%	40.95B
ALLEGRO.EU S.A.	+2.91%	8.67B
ETSY, INC.	-15.02%	7.91B
ZOZO, INC.	+6.99%	6.41B
WAYFAIR INC.	-17.07%	6.26B
FSN E-COMMERCE VENTURES LIMITED	+1.06%	6.07B
MONOTARO CO., LTD.	+21.05%	5.63B

Internet & Mail Order Department Stores